Real Estate News 12/18/2023

Today’s News Synopsis:

Single-family home sales likely bottomed out in Q4 2023 and, due to the recent pullback in mortgage rates, are expected to begin a slow but meaningful recovery over the course of the next year, alongside upward-trending mortgage origination activity

In The News:

FannieMae – “Home Sales, Mortgage Originations Likely to Begin Slow Recovery in 2024“ (12-18-2023)

“Single-family home sales likely bottomed out in Q4 2023 and, due to the recent pullback in mortgage rates, are expected to begin a slow but meaningful recovery over the course of the next year, alongside upward-trending mortgage origination activity”

AttomData –  “Home Flipping Activity Keeps Falling While Investor Profits Keep Rising Across U.S. In Third Quarter Of 2023” (12-14-2023)

“Flipping Rate Declines for Second Straight Quarter While Profit Margins Increase Again; Investment Returns Continue Rebounding from Two-Year Decline; Raw Flipping Profits Also Up, to High Point Since Middle of 2022.”

FrreddieMac  –  “Mortgage Rates Drop Below Seven Percent” (12-14-2023)

“seven percent for the first time since August. Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, there will likely be a gradual thawing of the housing market in the new year.”

CNBC –  “What is a reverse mortgage and how does it work?” (12-18-2023)

“A reverse mortgage is a type of loan older homeowners can use to turn the equity of their primary residence into income. Instead of taking out a large loan to buy a home and slowly paying it back, these financial products operate in the opposite direction — you’ll trade equity that you have in your home for cash, but won’t have to make any payments until you either sell your home, change its status as your primary residency, or pass away.”

YahooFinance –  “Inflation: Grocery prices spiked during the pandemic but are now moderating”(12-15-2023)

“Compared to year ago, grocery prices increased 1.7%, according to the Bureau of Labor Statistics’ November Consumer Price Index (CPI) released Tuesday. In October, it increased 2.1%, and in September, it jumped 2.4%.”